On August 14, 2026, a new batch of investor compensation claims against Wenfeng Great World Chain Development Corporation (601010) was submitted to the court by attorney Xu Feng of Shanghai Jiucheng Law Firm. The legal team continues to process additional claims and remains open to accepting new client mandates from affected investors.
On the evening of July 17, 2026, Wenfeng Great World Chain Development Corporation disclosed that it and its controlling shareholder, Jiangsu Wenfeng Group, had received a case filing notice from the China Securities Regulatory Commission (CSRC). The regulator initiated an investigation into both entities on suspicion of violations of information disclosure rules, citing the Securities Law and the Administrative Penalties Law. Attorney Xu Feng holds that investors who purchased shares of Wenfeng Great World Chain Development Corporation between April 30, 2024, and April 29, 2026, and either sold after the latter date or still hold the stock, remain eligible to file claims.
In addition to the renewed filing for Wenfeng Great World Chain Development Corporation, on August 17, attorney Xu Feng also submitted another batch of investor claims against Huawen Media Group (000793) to the court. This case has seen multiple prior submissions, and the court is currently determining its next procedural steps. The legal team is concurrently accepting further claims from other investors.
On April 22, 2025, Huawen Media Group announced receipt of an Administrative Penalty Decision from the Hainan Securities Regulatory Bureau. The investigation found that the company improperly applied the gross method to recognize revenue from internet advertising prepaid card services conducted by its subsidiaries, Beijing Guoguang Rongguang Advertising Co., Ltd. and Tianjin Zhangshi Guangtong Information Technology Co., Ltd. This practice violated Article 34 of the Accounting Standards for Business Enterprises No. 14 - Revenue, leading to inflated operating revenue and costs. Consequently, the company's annual report for 2021, semi-annual report for 2022, and annual report for 2022 contained false records.
Attorney Xu Feng, director of Shanghai Jiucheng Law Firm and a specialist in securities litigation, believes that investors who bought shares of Huawen Media Group between April 27, 2022, and April 20, 2024, and either sold after the latter date or continue to hold the stock, are still eligible to pursue compensation.
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